Reuters: Oil futures drop for third session on rising crude stocks, oversupply

I posted the ForexLive wrap up of Asia forex news

Reuters have this on their run down on oil trading so far this session in Asia:

• Oil futures extended losses into a third session in Asian trade on Wednesday
• U.S. crude stocks last week surged to more than half a billion barrels
• Iran plans to boost exports from March
• Milder weather forecast for the last eight weeks of the U.S. November-March winter heating season has also dampened demand hopes

Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo:

"The (global) inventory situation is going to get worse in the second quarter as we hit the peak refining rate at the end of this quarter," Nunan said.

"(But) this has been so well documented that it's been built into prices. I do think we're close to the bottom and the bottom in prices will be this quarter."